According to a research body owned by the Chinese government, China will achieve its 2023 renewable targets six years ahead of previous predictions.
The findings were released in a report from the China Renewable Energy Engineering Institute (CREEI), which is owned by China’s National Energy Administration (NEA). The research says that, by 2024’s end, China is set to add 190GW of solar capacity and 70GW of wind.
The NEA released data demonstrating that the country added 217GW of solar power and 76GW of wind power by the end of 2023 – a total capacity of 1,050GW.
The additional capacity predicted by the NEA would, by 2024’s end, raise China’s installed solar and wind capacity to 1,310GW. This is both 1,200GW more than, and six years before, the country’s previous renewable energy goal.
Slowing demand
In 2023, China contributed almost 60% of additional global energy capacity (an added 301GW), making it both the largest greenhouse gas emitter and green energy producer.
According to more figures by the NEA, by the end of May 2024, China had installed 690GW of solar capacity and 460GW of wind, which made up 38% of its power generation capacity.
Despite the seemingly positive shift, concerns have been raised about overcapacity in light of overproduction and a slowing market. This mismatch has resulted in the sharp downturn of solar panel prices and thus company profits, prompting Chinese solar developers to call for international collaboration to prevent further decline.
[Image: a solar farm in Dunhuang, Western China]
